Terna confirms a year of strong growth and closes the best balance sheet in its, albeit recent, history. The company led by Matteo Del Fante has approved the final accounts for 2015 which fully confirm the preliminary data released in February: for the first time the group exceeds 2 billion in revenues (2,082 to be exact, up 4,3%) while the ebitda travels to 1,539 billion and profit rises to 595,5 million with a leap of 9,4 .2014% on 20. Numbers that make it possible to distribute a dividend of 7 cents to shareholders (13 already paid on account and XNUMX on balance in June).
“The 2015 results confirm the solid growth trend of the group – commented the CEO Matteo Del Fante with satisfaction – which, thanks also to the acquisition of the high voltage network of Ferrovie dello Stato concluded last December, consolidates its leading role among European network operators. Our commitment will continue in the development of Regulated Activities, with the construction of infrastructures for the transport of electricity, as well as in Non-Regulated Activities and in the rationalization of processes and operating costs. Furthermore, at the system level, the continuous search for new technological solutions, in addition to the work of optimizing dispatching activities, will allow for the generation of still substantial savings for households and businesses and evident environmental benefits, thanks to an ever greater integration of production from renewable".
Revenues growing and operating costs decreasing
Revenues in 2015 rose by 85,7 million euros (+4,3%) compared to 2014. The increase, explains a note from the group, is linked to Regulated Activities for 26,8 million euros and to Non-Regulated Activities Settled for 63,1 million euro; the latter change is essentially due to the revenues generated by the Tamini Group (62,5 million euros) which in the previous year participated in the Group's results only starting from the acquisition date of 20 May 2014.
Operating costs amounted to 542,9 million euros, up by 38 million compared to 2014. The increase reflects the incorporation of the Tamini Group (approximately 62,4 million euros), net of which operating costs are reduced of approximately 24,4 million euros.
The increase in Ebitda is mainly due to Regulated Activities (+62,9 million euro) while the Ebitda margin went from 74,7% in 2014 to 73,9% in 2015, "mainly due to the effect of the consolidation of the Group Tamini”.
Depreciation, amortization and write-downs for the year amounted to 516,8 million euros, approximately 36,2 million euros higher than in 2014, essentially due to the entry into operation of new plants and disposal plans defined at the end of the year.
Ebit (operating result) amounted to 1,022 billion (+1,1%).
Net financial expenses for the year, equal to 141,1 million euros, "report an increase of 13,2 million euros compared to 127,9 million euros in 2014, mainly due to the costs associated with the Liability Management operation successfully completed on 20 July 2015”.
Less IRES, online investments
The pre-tax result amounted to 881,3 million euros, substantially in line with the 883 million euros of the previous year.
Income taxes for the year amount to 286 million euros and are down on the previous year by 52,5 million euros (-15,5%) essentially due to the reduction of the IRES rate to 27,5% from 1 January 2015 following the declaration of constitutional illegitimacy of the Robin Hood Tax and the deductibility of permanent personnel costs for IRAP purposes introduced by the 2015 Stability Law starting from the current year. Therefore, the tax rate for the year decreased, going from 38,3% in 2014 to 32,5% in 2015.
The Group's total investments are in line with the development plans of the national transport network and with the Strategic Plan and amount to 1,103 billion, compared to 1,096 billion in 2014.
In particular, we note the investments relating to the continuation of the activities for the construction of three strategic power lines for the system: “Foggia-Villanova”, “Sorgente-Rizziconi” and “Udine Ovest-Redipuglia”. Furthermore, the activities on the interconnections with France and Montenegro are continuing and the construction works have been completed, and tests are currently underway, of the synchronous compensators in Sicily, at the electrical substations of Favara and Partinico, which will enter service during the 2016.
Net financial debt at 31 December 2015 amounted to 8,002 billion, compared to 6,965 billion at the end of 2014, "mainly as a result of the investments made and the acquisition of the high voltage electricity grid of Ferrovie dello Stato, completed at the end of 2015" . The group's assets rose from 3,092 billion to 3,320 billion. At the end of the year, there were 3.767 Group employees, including employees of the Tamini Group.
The parent company Terna Spa
Terna closed 2015 with revenues of 1 billion (+89%). Operating costs amounted to 0,7 million (-427 million), of which 76 million euros relating to provisions made in 37 as part of the generational turnover plan on a voluntary basis.
Ebitda (Gross Operating Margin) amounted to 1,373 billion, equal to 76,3% of revenues (71,9% in 2014), up by 88,8 million euros (+6,9%) compared to the figure for 2014. Ebit (Operating Result) therefore stands at 917,4 million (+6,9%). The net profit for the year amounted to 527,1 million (+17%).
Sustainability
The 2015 Sustainability Report, drawn up according to the GRI-G4 guidelines, sees Terna in a leadership position in the Electric utilities sector of the Dow Jones Sustainability index. Other significant results include an 8,5% reduction in carbon intensity (the ratio between CO2 emissions and revenues, given that in this case it highlights an increased capacity for sustainable development of activities), the approximately 100 km of old disused lines and around 92% of waste recycled, the decrease in the accident frequency rate, as well as the increase in per capita training hours (56 hours for each employee, an increase compared to 43 in 2014). In 2015, Terna provided a total of around 191.000 hours of training, reaching around 97% of Group employees.
Among the novelties of 2016, the entry into operation, on 31 January, of the 380 kV “Villanova-Gissi” power line. Finally, Terna is the only Italian company included in the Gold Class of the RobecoSAM Sustainability Yearbook 2016 published in January 2016.
